Abu Dhabi sovereign wealth fund Mubadala has led a US$400 million funding round in Berlin-based insurtech wefox.
The series D funding round brings wefox’s valuation to $4.5 billion, a 50% increase on its $3 billion valuation a year earlier.
Other investors included European asset manager Eurazeo, alongside venture capital firms Horizons Ventures, OMERS Ventures and Target Global.
According to wefox, the funds will be used to finance its product development as well as expansion across Europe, the US and Asia.
The insurtech also plans to raise its customer base and reach its revenue target of $600 million by the end of 2022.
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